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I'm ***** *****, what do I do with depreciation on the

Customer Question
I'm ***** *****, what...

I'm ***** *****, what do I do with depreciation on the liability section of the balance sheet

Accountant's Assistant: Thanks. Can you give me any more details about your issue?

It seems to be the difference from getting the balance sheet to balance. If it's in the asset section, how do I account for it in the liability section

Submitted: 2 years ago.Category: Tax
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Answered in 19 minutes by:
3/6/2016
Tax Professional: Christopher Church,
 replied 2 years ago
Christopher Church
Category: Tax
Satisfied Customers: 10
Experience: director of accounting at cablevision
Verified

Hello, I can try to help

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Tax Professional: Christopher Church,
 replied 2 years ago

Are you referring to accumulated depreciation?

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Customer reply replied 2 years ago
to make it balance I put -43,660
assets are remaining depreciation 877,620 (starting basis was 930,491) accumulated amount is $52,871)
land 166,634
Total Assets 1,000,594liabilities
non recourse loans on real estate 1,055,866
capital account -55,272
Total Liabilities and capital 1,000,594net income or loss per books this year is -33,835.
I don't think I should have to enter the -43,660 to get it to balance or do I?
Tax Professional: Christopher Church,
 replied 2 years ago

It looks like your in balance without the -43,660 so you are correct. Accumulated depreciation is a contra asset that shows up in the asset section. I hope this helps, if you are satisfied with my answer please rate as positive.

Thanks

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Tax Professional: Christopher Church,
 replied 2 years ago

Hello, is there anything else you need? If not please rate positive as that is how I get credit

Thank you

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Customer reply replied 2 years ago
It looks like the balance sheet should balance but how do I take the -43,660 out of the schedule L asset column as this would throw the total assets to liabilities line off. I don't see the balance of the columns without the adjustment. Or is there another missing detail that I am not thinking about.
Tax Professional: Christopher Church,
 replied 2 years ago

please attach a copy of schedule L so I can take a look

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Experience: director of accounting at cablevision

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